Pfizer Said to Hire JPMorgan to Weigh $2 Billion Portfolio Saleby
Firm may sell drugs in cardiology, urology, primary care
Sale could attract both drugmakers and private equity firms
Pfizer Inc. is exploring a sale of a group of treatments in cardiology, urology and primary care as the U.S. drugmaker looks for ways to raise cash and streamline its portfolio, according to people familiar with the matter.
The drugs generate sales of more than $700 million and could fetch more than $2 billion from a buyer, the people said, asking not to be identified because the deliberations are private. Pfizer is working with financial advisers at JPMorgan Chase & Co. on the process, which is at a preliminary stage, the people said.
Pfizer’s preferred option is to sell the treatments -- which get about 40 percent of sales from the U.S. and another 45 percent from Europe -- as a package, they said. The portfolio could attract drugmakers and private equity firms, the people said.
Representatives for Pfizer and JPMorgan declined to comment.
The company said this week that it plans to pursue acquisitions, regardless of size, as long as they create shareholder value. In August, about four months after walking away from a $160 billion mega-merger with Allergan Plc, Pfizer agreed to buy Medivation Inc. for about $14 billion, gaining a blockbuster prostate-cancer treatment.